Zom Living to Invest More than $500M to Develop Five Multifamily Communities in Phoenix, Scottsdale
PHOENIX AND SCOTTSDALE, ARIZ. — Zom Living has released plans to develop five multifamily communities in Phoenix and Scottsdale. The Orlando, Florida-based company expects to invest more than $500 million in the properties.
Zom Living has acquired four parcels totaling 32.7 acres through an auction in the U.S. Bankruptcy Court. The developer expects to break ground on all five communities — which are yet to be named — in the fourth quarter of this year.
Zom Living acquired two parcels totaling 26 acres in the Desert Ridge/North Phoenix submarket of Phoenix. The two communities Zom plans to build will feature a combined 600 units along the Loop 101 Highway on 56th Street. The assets will be situated within walking distance of Desert Ridge Marketplace.
In downtown Scottsdale, the developer plans to build 749 units across two communities. The assets will span 3.8 acres at the intersection of Scottsdale and Camelback roads. The property is located adjacent to the Scottsdale Fashion Square and the Scottsdale Entertainment District.
In Phoenix’s Biltmore District, Zom Living plans to develop 300 units on 2.9 acres. The property is located at the intersection of Highland Avenue and 24th Street, two blocks from the Biltmore Fashion Park and eight miles northeast of downtown Phoenix.
Coinciding with the new communities, Zom Living will also open a regional office in Arizona and employ a full-time team. The company has built more than 23,000 apartment units nationwide, with an aggregate development value of $4.5 billion, in its 43-year history.
“Our team has been waiting for the right entry point into the Phoenix market, so we were naturally drawn to the prospect of acquiring four well-located sites that are prime for market-rate multifamily development,” says Greg West, CEO of Zom Living. “The Phoenix metro area has all the ingredients our firm looks for when entering into a new market, beginning with consistent population growth, strong demographics and a stable labor market.”
— Alex Tostado